Tax Planning

Great tax planning can lower and defer the tax you pay, freeing up cash for investment, business or personal purposes. Vaksman Khalfin, PC regularly saves clients significant sums of money by creating and implementing strategies designed to reduce the impact of taxes on property you own.

Two words describe most of what we do in estate planning: freeze and fractionalize.

We can freeze the value of your estate so, as your property appreciates in value, no additional taxes will be owed on that appreciation. Some common planning techniques used to freeze the value of the estate include GRATS & QPRTS.

We can fractionalize the value of your estate by splitting the ownership interests in the property. This allows us to discount the value of the property for tax purposes. Additional discounts are allowed for lack of control or for having a minority interest in the property. Some common planning techniques used to fractionalize property values include Lifetime Gifting, Family Limited Partnerships (FLPs), and Limited Liability Companies (LLCs).

Our tax planning practice includes:

Tax planning for individuals and businesses

Corporate tax structuring

International tax planning

Partnership tax planning

Gift, estate, and generation-skipping tax planning

Property, state, local, and federal tax issues

Tax-free exchanges

Formation, operation, and dissolution of tax-exempt organizations

IRS compliance, audits, and controversies

The biggest enemy in tax planning is not the IRS, but procrastination. To accomplish the best result with your taxes, planning should be done well in advance.

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